A Venezuelan Default Still Looms

The troubled nation avoids bankruptcy as Russia and China step in to help. But that doesn’t alter its underlying problems.

By

Dimitra DeFotis

Nov. 17, 2017 10:47 p.m. ET

Emerging Markets

It was Russia to the rescue as Venezuela slipped into default on Nov. 13 for not paying two U.S.-dollar debt obligations on time. After the Venezuelan government said it had offered bondholders the chance to renegotiate on Monday—the offer was short on details—credit-rating agencies declared the country in selective default....